Process Standard Cost Worksheet for Items with Standard Costing Method
Overview
Use the Standard Cost Worksheet to adjust the Standard Cost of an item by adjusting the existing cost for Purchase items or by either rolling up formula costs for Work Order items
This process should be run after you run the Item Calculate Low-Level routine from the Administration menu.
You must perform Process Standard Cost Worksheet when nobody is entering or posting transactions.
Purchase Items
Create a New Standard Cost Worksheet
Create a new Std. Cost Wkst. You must process the Standard Cost Worksheet for Purchase items first, then process the Standards Cost Worksheet for Work Order items.
Select Purchase for the Replenishment System.
Save the Worksheet.
Rollup of the Standard Costs for Purchase Item
If the Costing Method is Standard, the New Standard Cost will use the formula "Current Standard Cost x (1 + Adjustment %/100)"
New Standard Cost can be updated manually by selecting the Rollup button.
Revalue the Standard Costs
This function will calculate the new Invoiced Cost and Expected Cost for each Item Ledger Entry with a remaining quantity.
Post the Standard Cost Worksheet
This function will perform the following:
The Standard Cost for items is updated.
The value for the existing inventory is updated.
The General Ledger entries for the invoice costs difference are posted.
Work Order Items
Create a New Standard Cost Worksheet
Select Work Order for the Replenishment System.
Save the Worksheet
Rollup of the Standard Costs
This function will calculate the New Material Base Costs, New Capacity Base Costs, and New Standard Base Costs based on the following:
The lowest-level items (those with the highest number in the Low-Level field) are calculated first.
GoldFinch will use the Rollup Date to look for Active Formula Versions in order to determine the Item Formula to Rollup.
GoldFinch will use the Default Routing Version (or blank if a default doesn't exist) to determine the Item Routing to Rollup
Each lower-level item will calculate the Material Cost first and then the Routing Cost. The total Standard Cost is rolled up as the Material Cost for higher-level parent items.
If the Formula Management for the Item Formula is Percentage, the Component's Qty. Per value is converted to have the same Base Unit of Measure as the Parent Item.
The Active Ingredient % is ignored
The Specific Cost for an Item Routing is used.
Revalue the Standard Costs
This function will calculate the new Invoiced Cost and Expected Cost for each Item Ledger Entry that has a remaining quantity.
Post the Standard Cost Worksheet
This function will perform the following:
The Standard Cost for items is updated.
The value for the existing inventory is updated.
The General Ledger entries for the invoice costs difference are posted.